Greencoat Renewables to sell 6 Irish windfarms for €156m
Wind and solar energy group Greencoat Renewables has agreed a deal to sell a portfolio of six Irish onshore wind assets for a total of €156m to Norwegian private equity firm HitecVision.
The wind farms have a total of 115.7MW in net capacity.
The disposed portfolio comprises 100% of five assets (65.7MW) and a 50% stake in one of the larger assets in its portfolio.
The company said today's sale aligns with its active portfolio management strategy that aims to maintain prudent gearing and a high level of contracted revenues through a combination of asset sales, the creation of new PPAs, and reinvestment in due course.
Today's deal also builds on the disposal of the Kokkoneva wind farm in Finland announced last November 2024.
Greencoat has now raised more than €200m from asset sales across six assets in the past six months.
"The combination of these disposals increases our capital allocation options for the future," it stated.
Greencoat said it continues to explore value further disposals and is in advanced talks over the sale of a significant minority stake in its 50MW Andella wind farm in Spain.
Paul O'Donnell, Partner, Schroders Greencoat LLP, said the deal reflects the disciplined execution of the company's capital allocation strategy, unlocking value from its portfolio and further enhancing its financial strength.
"We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders," he said.
"As well as providing future balance sheet flexibility, this latest transaction underpins the opportunity to create increasing value from older assets including re-contracting PPAs and options for hybridisation and repowering," he added.
Greencoat Renewables also said today that it is in the process of applying for a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange.
The company said it had received strong interest in the listing from a number of South African institutional investors, who are attracted to the company's scale, strong track record, high cash generation and progressive approach to distributions.
It said it believes that admission to the JSE will be beneficial to the company and its stakeholders as it will enhance liquidity for shareholders, diversify its shareholder base and position the company for growth, by providing access to a new and deep capital market.
Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said the company has been encouraged by the response of highly reputable South African institutional investors, and expect to increase liquidity, broaden the company's shareholder base and position it for future growth in due course.
"Through the continued generation of high and secure cashflows, we consider the company well placed to provide local investors with attractive eurodenominated returns going forward," he added.
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